Fitch Affirms Ratings on Wrigley CDO Ltd.NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms all of the rated notes issued by Wrigley CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the Ltd. (Wrigley CDO). The affirmation of these notes is a result of Fitch's rating review process. The following rating actions are effective immediately:
-- $229,000,000 class I senior secured floating-rate notes Floating-rate note (FRN)
Note whose interest payment varies with short-term interest rates.
An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a affirmed at 'AAA';
-- $22,250,000 class IIa senior secured floating-rate notes affirmed at 'AA-';
-- $14,000,000 class IIb senior secured fixed-rate notes affirmed at 'AA-';
-- $37,000,000 class IIIa mezzanine mez·za·nine
1. A partial story between two main stories of a building.
2. The lowest balcony in a theater or the first few rows of that balcony. secured floating-rate notes affirmed at 'A';
-- $9,000,000 class IIIb mezzanine secured fixed-rate notes affirmed at 'A';
-- $10,500,000 class IV mezzanine secured floating-rate notes affirmed at 'BBB';
-- $10,000,000 class A combination securities affirmed at 'A';
-- $10,264,598 class B combination securities affirmed at 'BBB-'.
Wrigley CDO, a collateralized debt obligation Collateralized Debt Obligation (CDO)
A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (CDO) that closed on July 30, 2002, is managed by Pacific Investment Management Company LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control (PIMCO PIMCO Pacific Investment Management Company ). The fund was established to invest in a portfolio of primarily senior secured loans with the remaining portion in high-yield bonds High-yield bond
See: Junk bond
See junk bond. . Included in its review of Wrigley CDO, Fitch discussed the current state of the portfolio with PIMCO, as well as their portfolio management strategy.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the May 28, 2004 trustee report, all performance and collateral profile tests were in compliance. The portfolio experienced minor credit migration with the WARF WARF Wisconsin Alumni Research Foundation
WARF Wide Aperture Research Facility
WARF Wartime Active Replacement Factors
WARF weighted-average risk factor
WARF Wartime Attrition and Replacement Factors
WARF Whylie Animal Rescue Foundation increasing from 43 ('BB-') as of the first available trustee report dated Oct. 31, 2002 to 45 ('BB-') on May 28, 2004. Assets rated 'CCC+' or lower represented less than 1% of the portfolio. All the overcollaterization tests have improved by more than 4% since the effective date. PIMCO indicated they are actively managing the current cash balance of $43.5 million as shown in the most recent trustee report dated May 28, 2004.
As a result of this analysis, Fitch determined that the original ratings assigned to the notes still reflect the current risk to noteholders. Fitch will continue to monitor Wrigley CDO closely to ensure accurate ratings. (For more information on the Fitch Vector Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Aug. 1, 2003, available on Fitch's web site at www.fitchratings.com.)
PIMCO's leveraged loan group is currently rated 'CAM1', Fitch's top CDO asset manager rating. This rating reflects the depth and experience of its portfolio management team, the performance of its CLOs, its strong internal control environment, and its highly integrated asset management systems. For more information on Fitch's CDO asset manager rating methodology, see the report 'Rating CDO Asset Managers,' dated Feb. 13, 2004, and for more information on Fitch's CDO asset manager rating of PIMCO's high-yield asset management team, see the report 'Pacific Investment Management Company (PIMCO),' dated March 15, 2004, available on the Fitch Ratings web site at www.fithcratings.com.
The ratings of the class I notes, IIa notes, and IIb notes address the likelihood that investors will receive full and timely payments of interest on scheduled interest payment dates as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class IIIa notes, IIIb, and IV notes address the likelihood that investors will receive ultimate and compensating interest payments, as well as the stated balance of principal on the final payment date. The rating of the class A combination securities addresses the likelihood that investors will receive the stated balance of principal on the final payment date and an internal rate of return of 4.746% on the original investment amount. The rating of the class B combination securities addresses the likelihood that investors will receive the stated balance of principal on the final payment date.